The Central Bank of Nigeria (CBN) has pegged maximum daily withdrawals via Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals at N20,000.
The apex bank made this known on Tuesday, December 6, in a circular to Deposit Money Banks (DMOs) and other financial institutions.
The circular was signed by CBN director of banking supervision, Haruna Mustafa, The Guardian reports.
The apex bank said that the regulatory directives take effect nationwide from January 9, 2023.
The CBN said the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.
It directed DMOs to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
The circular partly reads, “The maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily.
“The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
“Only denominations of N200 and below shall be loaded into the ATMs.
“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such withdrawals shall not exceed N5,000,000 and N10,000,000 for individuals and corporate organisations, respectively.
“Sequel to the point stated above, Nigerians are required to obtain valid means of identification of the payee (National ID, International passport, driver’s license), Bank Verification Number (BVN) of the payee, notarized customer declaration of the purpose for the cash withdrawal, senior management approval for the withdrawal by the managing director of the drawee, where applicable, approval in writing by the MD of the bank authorizing the withdrawal.
“Please note that monthly returns on cash withdrawal transactions above the specified limits should be rendered to the banking supervision department.
“In addition, customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira etc) to conduct their banking transactions.
“The above regulatory directives take effect nationwide from January 9, 2023.”
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